Economic growth slowed down to 3.7% in 2015 primarily due to the negative effects of prolonged load-shedding in the second half of the year as well as a significant decline in the currency.
REIZ 2015 Net Profit Increases 953% Y/Y to K453M on Accounting Adjustment as it Mulls Offers for Majority Stake
Real Estate Investments Zambia (LuSE: REIZ) saw net profit rise by a multiple of 10 year-on-year (y/y) in 2015 to K453 million. Earnings per share came in at K8.02 (K0.75 in 2014):
Finance Minister Releases the 2016 National Budget
Mr. Speaker, in 2016, Government proposes to spend K53.14 billion, representing 25.8 percent of GDP. This will be financed through domestic revenues of K42.11 billion and grants from co-operating partners of K550 million. Financing will comprise K6.07 billion in net external financing representing 2.9 percent of GDP and net domestic borrowing of K1.75 billion representing 0.9 percent of GDP. Amortisation is projected at K2.66 billion. (Download full document)
Real Estate Investments Zambia (LuSE: REIZ) saw net profits rise by 104% year-on-year to K41.4 million. Earnings per share came in at K0.73 (H1 2014: K0.36):
LUSAKA, July 24 (Reuters) - Zambia has issued a $1.25 billion eurobond meant for infrastructure development at a coupon rate of 8.97 percent, a government statement seen by Reuters on Friday said. (Read more)
According to the President’s special assistant for PR, the government was looking to raise between $1.5 and $2 billion. An update from the Financial Times indicated that the offering started off with tepid demand at the beginning of the day but picked up significantly toward the end of the trading day with the order book exceeding $2.5 billion. The issuance coincidentally happened on the same day Goldman Sachs revised down their global copper price projections - in a week when commodities from gold to oil were down big!
Stanbic Bank Zambia purchased the 49% stake of Burnet Investments Limited held by Real Estate Investments Zambia (LuSE: REIZ) for a net consideration of US$2.84 million in cash. Burnet Investments owns 100% of ‘Stanbic House’ – a property currently occupied by Stanbic Bank under a triple net lease:
Real Estate Investments Zambia (LUSE: REIZ) reported a 20% year-on-year increase in gross rental income to K42 million in financial year (FY) 2014:
Trying to decipher this puzzle that is Zambia by using a variety of publicly available data (structured and unstructured) in conjunction with my own skill/experience. * * *